KEY POINTS
- Ghana’s Parliament delays 2025 mini-budget amid disagreements over a $350 million tax waiver benefiting 42 companies under the “One District, One Factory” initiative.
- Opposition lawmakers argue the tax waiver worsens debt, while the government insists it is vital for industrial growth and economic recovery.
- Finance Minister failed to present a mini-budget, leaving public sector operations uncertain as Parliament reconvenes on January 2, 2025.
Ghana’s Parliament adjourned its 2025 budget discussions amid a political standoff over a proposed $350 million tax waiver, leaving the country without an approved fiscal roadmap for the new year—a first in its Fourth Republic.
Finance Minister Mohammed Amin Adam is expected to present a mini-budget to cover public sector expenditures for the first quarter of 2025. However, disagreements over controversial tax waivers derailed the process, underscoring the growing tension between the ruling New Patriotic Party (NPP) and the opposition National Democratic Congress (NDC).
Tax waiver deadlock
The $350 million tax waiver proposal, primarily tied to Ghana’s “One District, One Factory” (1D1F) initiative, seeks to benefit 42 entities, including major firms like Santuo Oil Refinery ($164.6 million), B5 Plus Limited, and Everpure Holdings Limited. While the government argues the waivers are critical to spurring industrialization and private sector growth, the NDC has fiercely opposed the measure, questioning its fiscal prudence amid Ghana’s escalating debt crisis.
NDC legislators argue that approving the tax waivers would deepen the country’s financial strain, especially as Ghana faces looming interest payment obligations on its national debt. Despite the government’s insistence that the tax waivers are non-negotiable, opposition MPs have refused to concede, effectively stalling parliamentary proceedings.
Political and economic implications
The impasse raises broader questions about governance and fiscal responsibility in the waning days of President Nana Addo Dankwa Akufo-Addo’s administration. According to law professor and political commentator Prof. E. Kofi Abotsi, the government’s insistence on the waivers has become a puzzling impediment to parliamentary operations.
“For a country sinking in debt with interest payments soon to resume, this is puzzling and leaves questions hanging,” Prof. Abotsi remarked on social media platform X.
The stalemate comes as Ghana navigates economic recovery efforts, including commitments under a $3 billion International Monetary Fund (IMF) program. Critics warn that approving large-scale tax waivers could undermine these efforts, further delaying fiscal stability.
Missed deadlines and next steps
Despite mounting pressure, the finance minister failed to appear in Parliament on December 20, 2024, as anticipated. Instead, lawmakers adjourned until January 2, 2025, without approving either the mini-budget or the tax waiver.
This delay creates uncertainty for Ghana’s public sector operations, with potential disruptions in the funding of essential services. Observers suggest that both parties must seek compromise to resolve the impasse and ensure fiscal governance continuity.
Future of 1D1F program
While the government touts the 1D1F initiative as key to job creation and economic diversification, the controversy surrounding the tax waivers could cast a shadow over its long-term viability. With the 2025 fiscal year fast approaching, the resolution of this standoff remains crucial to the nation’s economic outlook.
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